Some years ago, on my Debt-Proof Living website, I asked: What would you do if faced with an unexpected windfall of $10,000?
Responses ranged from saving every penny, to giving all of it away, to using all of it to get caught up on bills. This got me thinking: What fascinating response would I get if I were to change the word "windfall" to "expense," as in "How would you respond if you were to get clobbered with an unexpected expense of $10,000 tomorrow?"
You might recall any number of old Western movies in which the wounded cowboy bites down on a bullet while the doc performs some off-camera surgical procedure with the aid of a red-hot Buck knife and a bottle of whiskey.
Now, I'm not suggesting that getting socked with a big unexpected expense causes pain anywhere close to that of surgery without the benefit of anesthetic. What I am saying is how we respond to financial challenges says a lot about our character. We can take cover and hide behind fear and denial, or we can bite the bullet, face the problem head on and do what we have to do.
Take the couple I met years ago, when we were guests on "The Oprah Winfrey Show." They bit the bullet when they sold their house and possessions and lived in their car for two years to get their finances straightened out. I don't recall exactly how they worked this out — small details having to do with showers and running water escape me. However, their delight with having done such a difficult yet noble thing to get their lives back on track was compelling.
Another couple, Ray and Liz, were living the high life in pricy south Orange County, California, when they ran headlong into a severe economic downturn. Rather than rely on credit to keep up their wealthy image, they decided to bite the bullet. They sold their semi-mansion with its high four-figure monthly payment in favor of a modest three-bedroom condominium in another community. As humiliating as it was at the time, this experience transformed their lives in such positive ways they've made this downgrade permanent.
The Sandoval family of New Jersey made the agonizing decision to bite the bullet for an entire school year. The parents moved their kids from a pricy private school to a public school so they could pull themselves out from a financial hole. Difficult? At first. But as they look back, they see benefits they'd not anticipated. The very things they feared in the public school system turned out to improve their children's education immeasurably. Now debt-free, they've decided to stick with public schools.
I chose to bite the bullet the day I sold my car to become a ride-sharing passenger. Believe me when I say this was painful. But the financial impact of no car payment, no insurance, no maintenance, no annual registration or smog checks, and no car washes, brake jobs or tire replacements eased the pain considerably.
For some, biting the bullet means canceling cable TV, taking a brown-bag lunch to work or opting for do-it-yourself manicures. It might mean cutting up the credit cards, firing the lawn guy, learning to cook or vacationing at home — or all of the above.
When financial problems strike, it's easy to run and hide. But it takes courage, commitment and a can-do attitude to figure out a solution and then be ready to bite that bullet.
Mary invites questions, comments and tips at [email protected], or c/o Everyday Cheapskate, 12340 Seal Beach Blvd., Suite B-416, Seal Beach, CA 90740. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "Debt-Proof Living," released in 2014. To find out more about Mary and read her past columns, please visit the Creators Syndicate webpage at www.creators.com.
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